Canada Invests $3B in Net Zero Accelerator Program for Cleantech Innovation
Aside from the global COVID-19 pandemic, the grimmest cause for mass global concern may certainly be argued as that of the Earth’s alarming rise in temperatures within the past decade. With scientists predicting devastating outcomes that have already begun, people around the world are increasingly demanding countries and brands to start implementing serious action plans in reducing the negative effects of climate change.
Since a massive cause for climate crisis is the vast usage of fossil fuels such as coal, oil, and gas that are used globally to generate electricity, run almost all forms of transport, and power manufacturing plants, a strong solution can be the innovation of clean technology that can decarbonize the most popular forms of fossil fuel emitting productions.
The Government of Canada has invested $3 billion over the next five years into the Strategic Innovation Fund’s Net Zero Accelerator Program to focus on accelerating the production of decarbonization projects while also creating advanced job opportunities in all sectors.
As part of Canada’s overall action plan on climate change, the Strategic Innovation Fund (SIF) will use the $3 billion investment to help reduce greenhouse gas emissions through the Net Zero Accelerator Program. SIF’s new program promises to promote the research and development of clean technology solutions while creating and maintaining well-paying, middle class jobs to support Canada’s economic recovery.
What is the Strategic Innovation Fund’s Net Zero Accelerator Program?
The Net Zero Accelerator Program maintained through the Strategic Innovation Fund (SIF) promises innovation of swiftly accelerated decarbonization projects and economic growth through the creation of more job opportunities across various Canadian industries.
By focusing on clean technology projects that provide more environmentally conscious product solutions, this program has been created to accelerate Canada’s industrial transformation across all sectors. This means more innovative and fast-growing Canadian industries which will provide Canadians not only with promising and advanced job opportunities, but also with eco-friendly products that will help meet global solutions to the concerning climate crisis.
“This investment for the Strategic Innovation Fund’s Net Zero Accelerator means companies in Canada will decarbonize faster and our clean-tech sector will scale up faster and, in turn, they will offer the world more of the low-carbon products that consumers and investors increasingly demand.”
– Navdeep Bains, Minister of Innovation, Science and Industry
With the Government of Canada’s investment of $3 billion over the course of five years, SIF’s Net Zero Accelerator Program plans to drive strong support into large emissions-reducing and job-creating projects across every industry and region throughout Canada.
The SIF’s Net Zero Accelerator Program has three core focus areas:
- To support the development and adoption of clean technology solutions in all industrial sectors;
- To support clean technology development in Canada’s aerospace and automobile manufacturing sectors; and
- To support the development of a Canadian battery innovation and industrial ecosystem, which will build on Canada’s natural resources and leading professionals in developing an end-to-end battery ecosystem in Canada.
Businesses and organizations interested in applying for SIF’s Net Zero Accelerator Program must first submit answers to targeted environmental questions through SIF’s Statement of Interest (SOI) package which will be used to formulate a preliminary assessment of a project’s environmental impact and GHG abatement.
Government Funding for Cleantech Innovation
There are a variety of Canadian government funding programs that exist to provide financial support for cleantech projects, including Sustainable Development Technology Canada (SDTC), the Industrial Research Assistance Program (IRAP), and the Agricultural Clean Technology (ACT) Program.
Learn about different types of Canadian government funding programs by downloading our free slide deck on funding types. To explore all types of federal and provincial government funding program options, visit our Government Funding Directory Page.
